The CBI has commented on the Committee of Permanent Representatives’ (COREPER) formal endorsement of the legislative package to reform the European Union’s audit market.
Matthew Fell, CBI Director of Competitive Markets, said: “This decision is welcome in bringing an end to the uncertainty surrounding the future of the audit market across Europe. Throughout the negotiations, the CBI has called for increased audit quality, competition and independence, in order to reinforce investor confidence.
“This agreement takes steps towards those goals, but gives rise to a number of challenges for businesses. At a time when business is critical to the EU’s economic recovery, the implementation of this agreement must focus on minimising the cost and complexity facing business.”